The global therapeutic drug monitoring market was valued at USD 1.4 Billion in 2021 and it is anticipated to grow up to USD 4.5 Billion by 2031, at a CAGR of 12.3% during the forecast period.
Global therapeutic drug monitoring report from Global Insight Services is the single authoritative source of intelligence on therapeutic drug monitoring market. The report will provide you with analysis of impact of latest market disruptions such as Russia-Ukraine war and Covid-19 on the market. Report provides qualitative analysis of the market using various frameworks such as Porters’ and PESTLE analysis. Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.
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Major Players in the Global Therapeutic Drug Monitoring Market
The key players in the market are Abbott (US), Thermo Fisher Scientific (US), F. Hoffmann-La Roche Ltd. (Switzerland), Siemens Healthineers AG (Germany), Danaher Corporation (US), Bio-Rad Laboratories (US), bioMérieux SA (France), Theradiag SA (France), Grifols S.A. (Spain), Randox Laboratories Ltd. (Ireland) among others.
Global Therapeutic Drug Monitoring Market Segmental Overview
The report analyses the Global vascular closure devices market based on product, technology, drug class, end-use, and region.
Global Therapeutic Drug Monitoring Market by Product
Based on product, it is segmented into therapeutic drug monitoring market is segmented into consumables, equipment, and data management services. The consumables segment is projected to grow at the significant CAGR during the forecast period. The major factors contributing to the growth of this market are the requirement of repeat purchase of kits and reagents, coupled with the increasing number of immunoassay tests being performed across the globe. Furthermore, rising demand for new technology-based, cost-effective kits and the extensive use of these reagents in the R&D area are some of the factors responsible for its lucrative growth.
Global Therapeutic Drug Monitoring Market by Technology
Based on technology, it is segmented into immunoassays and proteomic technologies. The immunoassay segment dominated the market in 2021 owing to the availability of highly specific and reliable immunoassays, the rising adoption rate of the advanced techniques, and the requirement of minimal training to handle the equipment. Immunoassays is a bioanalytical methods that use the specificity of an antigen-antibody reaction to detect and quantify target molecules in biological samples. These methods are frequently used in clinical diagnostics, drug discovery, drug monitoring, and food testing.
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Market Trends and Drivers
Rising preference for precision medicine will boost the overall market growth. Precision medicine is an evolving approach for disease treatment and prevention that considers individual variability in genes, environments, and lifestyles. Precision medicine involves selecting drugs wholly tailored to a patient based on disease condition and history. Although this practice is expanding into all disease areas, oncology has seen the most progress.
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